Bitcoin & Markets
What Bitcoin is, what moves it, and how institutions have adopted it.
Bitcoin and interest rates: what treasurers should watch
Bitcoin and interest rates: how rates shape the cost of holding Bitcoin, global liquidity and derivatives pricing, and the indicators treasurers watch.
Read →Bitcoin's correlation with equities, bonds and gold
Bitcoin correlation with equities, bonds and gold: how the relationships have shifted over time, how to measure them and what treasurers should assume.
Read →Bitcoin ETFs vs holding Bitcoin directly
Bitcoin ETFs vs holding Bitcoin directly: how corporates compare cost, custody, control, accounting and liquidity before choosing a route to exposure.
Read →Bitcoin's 21 million supply cap explained
Bitcoin's 21 million supply cap explained for CFOs: how the limit is enforced, how issuance works, whether it can change and what it means for a treasury.
Read →Bitcoin futures and options for corporate treasuries
Bitcoin futures and options for corporate treasuries: how the contracts work, where they trade, margin and counterparty risk, and the governance needed.
Read →The Bitcoin halving explained for finance teams
The Bitcoin halving explained for finance teams: what it is, when it happens, how it affects supply and miners, and what it means for a treasury.
Read →Bitcoin market cycles: a historical view
Bitcoin market cycles: a historical view of past booms and deep falls, the forces behind them, and why treasurers should not plan around the next one.
Read →Bitcoin's network effect explained
Bitcoin's network effect explained for CFOs: how holders, liquidity, security, developers and institutions reinforce each other, and where the limits lie.
Read →What are Bitcoin treasury companies?
What are Bitcoin treasury companies? How they differ from firms holding a small reserve, how they fund purchases, and the risks boards and investors weigh.
Read →Hedging a corporate Bitcoin position
Hedging Bitcoin for a company: when it may make sense, the main approaches and their trade-offs, and the governance a board should put in place first.
Read →How is the Bitcoin price determined?
How the Bitcoin price is determined: order books, reference rates, OTC quotes and derivatives, and which price a finance team should use and when.
Read →A short history of institutional Bitcoin adoption
A short history of institutional Bitcoin adoption: futures, corporate treasuries, accounting standards and US spot ETFs, set out by date for finance teams.
Read →What backs Bitcoin?
What backs Bitcoin? Nothing in the sense of a claim on an issuer. What supports its value instead, how it compares with cash and gold, and why it matters.
Read →What drives the price of Bitcoin?
What drives the price of Bitcoin: supply, demand, liquidity, interest rates and market structure, explained for CFOs and corporate treasurers.
Read →What is Bitcoin? A CFO's guide
What is Bitcoin, in terms a CFO can take to the board: how the network works, what you actually own, and the risks finance teams must govern.
Read →What is mNAV? The metric for Bitcoin treasury companies
What is mNAV? How to calculate it on market cap or enterprise value, what a premium or discount means, and why it matters for Bitcoin treasury firms.
Read →Why is Bitcoin volatile?
Why is Bitcoin volatile? The structural causes, from fixed supply and no cash flows to derivatives and 24/7 trading, and how treasurers can measure it.
Read →Talk to our desk.
Every engagement starts with a short call about your company, order size, timeline and custody.